Shiba Inu Bears Reign Supreme as Weekly Market Sentiment Turns Sour

The cryptocurrency market is experiencing a bearish sentiment this week, with many coins, including SHIB, witnessing price declines. SHIB's value has plummeted by nearly 12% within the last 24 hours, and technical analysis indicates the possibility of further downward movement in the near future.

Shiba Inu (SHIB) Bears Take Charge as Weekly Market Sentiment Turns Negative

According to data collected by CoinStats, the cryptocurrency market is experiencing a bearish end to the week, with the majority of coins facing significant declines. Among the tokens experiencing notable losses is Shiba Inu (SHIB), which has witnessed an approximate 12% drop in value over the last 24 hours.

Technical analysis of SHIB's hourly chart reveals a price movement confined within a local channel. The current price lies at the pivotal point between the support level of $0.00002056 and the resistance level of $0.00002299. With most of the daily Average True Range (ATR) having been surpassed, the more probable scenario for the remainder of the day is continued sideways trading around the $0.000022 mark.

Shifting to the daily time frame, the price of SHIB has exhibited a rebound from the support level of $0.000019. The position of the candle closure bears close monitoring. A significant departure from this mark could signal the possibility of an upward trend towards the $0.000024 zone.

However, a midterm assessment presents a less optimistic outlook. Should the weekly bar close near current prices, a further downward correction could ensue, targeting the range of $0.000016-$0.000018.

As of press time, SHIB is trading at $0.00002174, firmly within the bearish trend that has dominated the market this week.